AUD Monthly and WeeklyThis Week saw the Weekly HOOK pattern continue higher into a higher Friday close, and next week's trend will be defined by the Weekly 50% level.
Higher timeframes:-
Price is trading above the Yearly 50% level and above the MAY high breakout...
The expectation is that price is moving towards the June/July highs.
However, we have a higher Weekly open which could send the market down towards the 3rd Quarter 50% level before any potential up move occurs, using a lower Weekly open and monthly 50% level support
What do I think will happen next week?
My Gut feeling tells me that we have just had a 3-week sideways move, and based on friday's close and trading above the higher timeframe levels, there could be a 5-day rally towards the June highs next week.
I think trying to trade any shorts next week whilst above the Weekly 50% level could be open to rise, as a higher Friday close could see AUD @ 84.80.
At this stage the 5-day 50% level and the Weekly 50% level should be used as support, and deal with it if it fails to continue higher with tight stops below those levels....
Daily report out on Monday around 9am
Euro Monthly and Weekly
Euro trading below the Yearly 50% level, but above the MAY high breakout.
Once again we have an each way bet on the direction next week:- higher Weekly open could see prices back down towards the 3rd Quarter 50% level...
However, the Euro could follow a last week rally towards 1.4528, if trading above the Weekly 50% level.
I expected higher prices on Friday, but not much more that the 3-day filter...
However, on Monday the 3-day filter drops down, which is what I've been looking for to happen before any UP trend continues.
And that happens on Monday
Next Week is simply going to be defined by Monday's trading...
My gut feeling says a last Week rally upwards....
But it won't happen if price is below the 3-day filter and the Weekly 50% level on Monday
